Burkle is also the co-founder of Yucaipa Companies, an investment firm.
Neverland Ranch – named after the fictional “Neverland” in the story of Peter Pan, the boy who could never grow up – was bought by Jackson in 1987 for $ 19.5 million.
The 2,700-acre plot once contained 22 structures, including an amusement house and zoo that housed elephants, a giraffe, orangutans and Jackson’s chimpanzee bubbles.
Jackson died in 2009 of what the Los Angeles coroner said was “acute propofol poisoning.” His doctor, Dr. Conrad Murray, was convicted in 2011 of involuntary manslaughter in connection with Jackson’s death and served less than two years in prison.
The price continues to fall
At the time, Agent Kyle Forsyth shared the listing with Suzanne Perkins.
He said the property, which contains the main 12,000-square-foot home Jackson lived in for 15 years, was kept out of the market due to wildfires and landslides near Santa Barbara, California.
“Everyone has retired for about a year in general,” Forsyth said in 2019.
CNN has contacted Perkins and Forsyth, but has not heard yet.
The property, now known as Sycamore Valley Ranch, was jointly owned by Jackson’s estate and a fund managed by the Colony Capital real estate investment trust.